The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-07-21
CENTRAL ON THE MARKET
THE SYNDICATE SAID TO BE
ANXIOUS TO UNLOAD.

An Alleged Feeling That They Paid
Too Much to Obtain Control 49, Tho
New York "Times" Gives the Same
Version of the Matter as That in
Yesterdays News"
New York, July 20.-Couferences be-
tween the parties holding the control of the
Georgia Central railroad continue, but mono
OF those present at the meetings will give
any information as TO their purport. 1t is
stated, however, by brokers connected with
the management that the only object Of the
meetings is to devise way in
which to market the stock. The
syndicate which bought control is
said to have found their load
too burdensome, and some of its members
are thought to be contemplating some
scheme by which the syndicate can be dis
solved, so as to enable them to realize on
their stock The whole trouble is said to
come from the high price paid for the Cen
trail property.
AS INTIMATED IN THE "NEWS"
WASHINGTON, July 20.-The New York
Times railroad news columns this morning
contain the following on the foregoing sub
ject: THE capitalists who bought control
of the Georgia Central Railroad Company
some months ago, and whose movements
have ttraacted good deal of attention in
Wall street, have been holding conferences
in this city for day or two past. Two or
three schemes of consequence are under adj
Vlsement, but the men most largely inter
estod eXerted themselves to wrap all
their proceedings in mystery. Attending the
meeting are Gen. E. +. Alexander the Geor-
ga Centrals PRESIDENT Henry Blum and f.
M. Green, of Savannah; &. II. Phinizy, of
Augusta; Pat Calhoun and John G. Cal
houn-all interested Southerners Among
the New Workers giving the conference at
tentlOn are Emanuel Lehman, Alfred Sully.
A. l.. Rice and II. B. HollnS.
Boiled down, according to the informa-
tion of Wall street, the purpose of the con
ferring capitalists is to arrange some plan by
which control of the company may be putnto
more tangible shape than the charter of the
original company would provide. Pat"
Calhoun and John G. Calhoun control the
charter of the corporation known rs the
Georgia Investment and Banking Company
which they have been willing to turn over
to the syndicate, contemplating EXCHANGE of
a controlling block of railroad stock for
trust bonds and stock of the new corpora
ton These would tie up the control
of the Georgia Central effectively, and at
the same time make "A way for profits
through the marketing OF the new SeCllrl-
ties of the Investment aud Banking Com
pany. But for some reason it appears that
the Messrs. Calhoun have been unable to
convince the other members of the syndicate
that the Investment and Banking Company
was just what was needed. Another prof
ect came up, and was considered yesterday,
providing for the use OF a charter issued in
North Carolina for what is known as the
Georgia Company. practically duplicates
the Investment and Banking Com
pany, but has some provisions that
are held to be ''more liberal
The issue of the new company's securities
for exchange with the syndicate's majority
of Georgia Central Railroad stock is the
chief principle involved. The basis of ex-
change has not been determined. Indeed,
further conferences may result in an entire
change of base and even an Abandonment of
the whole scheme of the new company. The
Southern men now here are all deeply inter
ested, however, in accomplishing something
definite without much delay.n
E. M. Green, of Savannah, who has been
present at the recent conference said to-
night that no conference had been held to-
day. He doubted whether any immediate
action would be taken in the matter. The
recent conferences were informal in char
acter rather than in the nature of decisive
deliberations as has been stated There was
no change in the situation.